MIRA INFORM REPORT

Report No. :	338000
Report Date :	25.08.2015

IDENTIFICATION DETAILS

Name :	PARTAP SPINTEX LIMITED (w.e.f. 07.04.2006)
Formerly Known As :	PARTAP SPINTEX PRIVATE LIMITED (w.e.f. 07.12.2005) PARTAP FURANE PRIVATE LIMITED (w.e.f. 15.04.2005) PARTAP FURANE LIMITED (w.e.f. 01.07.1998) PARTAP FURANE PRIVATE LIMITED
Registered Office :	192, K.M. Stone, G.T. Road, VPO Mohra, Ambala – 133 004, Haryana
Tel. No.:	91-171-2870087
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.04.1989
Com. Reg. No.:	05-030556
Capital Investment / Paid-up Capital :	Rs.103.333 million
CIN No.: [Company Identification No.]	U15140HR1989PLC030556
TAN No.: [Tax Deduction & Collection Account No.]	RTKP02844C
PAN No.: [Permanent Account No.]	AADCP8715D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in Spinning and Denim manufacture which is forward integration as the Yarn of Spinning Unit is consumed in house for manufacturing of Denim Fabric.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects company’s sound financial risk profile marked by adequate net worth base and fair profitability margins of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	November 24, 2014

Rating Agency Name	CARE
Rating	Short term bank Facilities A3
Rating Explanation	Moderate degree of safety and higher credit risk
Date	November 24, 2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY

Name :	Ms. Rimpy
Designation :	Account Department
Contact No.:	91-171-2870087
Date :	24.08.2015

LOCATIONS

Registered Office/ Garment Division :	192, K.M. Stone, G.T. Road, VPO Mohra, Ambala – 133 004, Haryana, India
Tel. No.:	91-171-2870087/ 2870088/ 2870089/ 2870090/ 2870091/ 2870092/ 93/ 94/ 95/ 96/ 97/ 98/ 99
Fax No.:	Not Available
E-Mail :	info@partapgroup.com jpinco@hotmail.com garments@partapgroup.com spintex@partapgroup.com
Website :	http://partapgroup.com
Factory (Yarn Division) :	Maur Mandi, District Bathinda – 150 509, Punjab, India
Tel. No.:	91-1655-231954
Fax No.:	91-1655-329666
E-Mail :	spintex@partapgroup.com
Head Office :	Opp. Peer (Sector-7), Bal Bhawan Road , Ambala City-134003, Haryana, India
Branch Office :	307/352, Industrial Area, Phase-II, Chandigarh-160017, Punjab, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Surinder Paul Bansal

Designation :

Managing Director

Address :

51, Sector-9, Urban Estate, Ambala City – 134 003, Haryana, India

Date of Birth/Age :

19.06.1956

Date of Appointment :

01.04.2014

DIN No.:

00286177

PAN No.:

ADAPB0048G

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15142HR1991PTC031166	NU-CHEM OILS PRIVATE LIMITED	Managing director	01/04/2011	24/01/1991	04/01/2012	Active	NO
2	U15142HR1992PTC031841	PARTAP VANASPATI PVT LTD	Managing director	18/11/1992	18/11/1992	01/10/2010	Active	NO
3	U15143PB2003PTC025978	SHIVA PROTEIN PRODUCTS PRIVATE LIMITED	Director	01/05/2003	01/05/2003	18/08/2008	Active	NO
4	U17110HP2003PLC026490	SHIVOM COTSPIN LIMITED	Director	29/10/2003	29/10/2003	31/10/2013	Active	NO
5	U15140HR1989PLC030556	PARTAP SPINTEX LIMITED	Managing director	01/04/2014	31/01/2005	-	Active	NO
6	U17291HR2010PTC040701	PARTAP FABRICS Private Limited	Managing director	01/04/2011	15/06/2010	01/05/2015	Active	NO
7	U01112HR1992PLC031788	MAHAKALI AGRO INDUSTRIES LTD.	Director	28/09/2011	01/01/2011	10/12/2013	Active	NO
8	U17210HR2013PTC051162	Partap Cotex Private Limited	Director	03/12/2013	03/12/2013	-	Active	NO

Name :

Mr. Madan Gopal

Designation :

Director

Address :

917, Sector-9, Panchkula – 134 109, Haryana, India

Date of Birth/Age :

01.10.1954

Date of Appointment :

25.09.2009

DIN No.:

00661374

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15209HP1988PTC008453	HYGENIC FOODS ROLLER FLOUR MILLS PVT LTD	Managing director	13/03/1992	13/03/1992	-	Active	NO
2	U35203CH2001PTC024436	P D ENGINEERS AND RAILWAY PARTS PRIVATE LIMITED	Director	01/06/2001	01/06/2001	-	Active	NO
3	U70101CH2002PTC025333	ARIZONA SITES PRIVATE LIMITED	Director	09/08/2002	09/08/2002	-	Active	NO
4	U27109HP1991PTC011085	RINE ENGINEERING PRIVATE LIMITED	Director	01/11/2002	01/11/2002	14/08/2008	Active	NO
5	U50101PB2006PTC030613	GOEL MOTORS PRIVATE LIMITED	Director	20/09/2006	20/09/2006	22/06/2007	Active	NO
6	U15142HR1991PTC031166	NU-CHEM OILS PRIVATE LIMITED	Director	28/09/2007	01/09/2007	20/03/2008	Active	NO
7	U15140HR1989PLC030556	PARTAP SPINTEX LIMITED	Director	25/09/2009	16/03/2009	-	Active	NO
8	U17200HR2011PTC044032	SHANTI COTEX PRIVATE LIMITED	Director	05/10/2011	05/10/2011	-	Active	NO
9	U72900HR2012PTC047657	CRG TECHSOLUTIONS PRIVATE LIMITED	Director	14/11/2012	14/11/2012	-	Active	NO

Name :

Mr. Shubham Bansal

Designation :

Whole-time Director

Address :

51, Sector-9, Urban Estate, Ambala City – 134 003, Haryana, India

Date of Birth/Age :

03.09.1987

Qualification :

MBA

Date of Appointment :

02.07.2012

DIN No.:

02794275

PAN No.:

ARGPB4609P

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15142HR1992PTC031841	PARTAP VANASPATI PVT LTD	Director	15/09/2010	16/08/2010	02/12/2013	Active	NO
2	U15142HR1991PTC031166	NU-CHEM OILS PRIVATE LIMITED	Director	15/09/2010	16/08/2010	-	Active	NO
3	U15140HR1989PLC030556	PARTAP SPINTEX LIMITED	Whole-time director	02/07/2012	01/04/2011	-	Active	NO
4	U17219HR2011PTC043318	Rama Cotspin Private Limited	Director	30/06/2011	30/06/2011	31/12/2013	Active	NO
5	U17210HR2013PTC051162	Partap Cotex Private Limited	Director	03/12/2013	03/12/2013	-	Active	NO

Name :

Ms. Nandini Bansal

Designation :

Director

Address :

H. No. 51, Sector - 9, Ambala City, 134003, Haryana, India

Date of Birth/Age :

03.09.1987

Date of Appointment :

30.05.2014

DIN No.:

06858709

KEY EXECUTIVES

Name :	Ms. Rimpy
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

SHAREHOLDING DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Bodies corporate	16.52
Directors or relatives of Directors	73.48
Other top fifty shareholders	10.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in Spinning and Denim manufacture which is forward integration as the Yarn of Spinning Unit is consumed in house for manufacturing of Denim Fabric.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	State Bank of India
Branch	Maur Mandi Branch, District Bhatinda, Maur Mandi – 151 509, Punjab, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks	197.808	262.137
Term loans from others	3.926	11.970
Short-term borrowings
Loans repayable on demand from banks	297.754	487.312
Total	499.488	761.419

Financial Institution :	PICANOL N V, - I, Karel Steverlyncklaan, 15 BE – 8900, Laper, NA, BE, Belgium – 8900, India
Auditors :
Name :	Kant Goyal and Associates Chartered Accountants
Address :	Opposite Peer, Bal Bhawan Road, Ambala District, Haryana, India
PAN N Income-tax PAN of auditor or auditor's firm :	ADJPG9343G
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Partap Fabrics Private Limited, India U17291HR2010PTC040701 Shivom Cotspin Limited, India U17110HP2003PLC026490
Other related parties:	Mahakali Agro Industries Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1100000	Equity Shares	Rs.100/- each	Rs.110.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1033333	Equity Shares	Rs.100/- each	Rs.103.333 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	103.333	103.333	100.000
(b) Reserves & Surplus	266.757	226.748	170.355
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	10.000
Total Shareholders’ Funds (1) + (2)	370.090	330.081	280.355
(3) Non-Current Liabilities
(a) long-term borrowings	204.545	326.638	355.161
(b) Deferred tax liabilities (Net)	28.324	31.680	20.685
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	232.869	358.318	375.846
(4) Current Liabilities
(a) Short term borrowings	297.754	487.312	333.125
(b) Trade payables	183.978	136.132	83.337
(c) Other current liabilities	1.484	9.139	4.693
(d) Short-term provisions	88.239	56.868	46.939
Total Current Liabilities (4)	571.455	689.451	468.094
TOTAL	1174.414	1377.850	1124.295
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	649.836	655.971	550.926
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	87.819	43.463	65.107
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7.599	7.549	5.093
(e) Other Non-current assets	0.359	0.525	0.640
Total Non-Current Assets	745.613	707.508	621.766
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	238.762	446.452	303.714
(c) Trade receivables	140.158	157.261	124.723
(d) Cash and cash equivalents	6.678	14.251	6.355
(e) Short-term loans and advances	31.347	35.794	49.742
(f) Other current assets	11.856	16.584	17.995
Total Current Assets	428.801	670.342	502.529
TOTAL	1174.414	1377.850	1124.295

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from Operations	3070.544	2740.356	2079.127
	Other Income	11.591	4.702	3.628
	TOTAL (A)	3082.135	2745.058	2082.755
Less	EXPENSES
	Cost of Materials Consumed	2134.055	2041.210	1425.812
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	87.560	(98.510)	100.376
	Employees benefits expense	10.801	12.397	70.373
	Other expenses	617.338	526.311	273.275
	TOTAL (B)	2849.754	2481.408	1869.836
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	232.381	263.650	212.919
Less	FINANCIAL EXPENSES (D)	81.635	85.531	65.736
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	150.746	178.119	147.183
Less/ Add	DEPRECIATION/ AMORTISATION (F)	89.340	90.463	61.898
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	61.406	87.656	85.285
Less	TAX (H)	21.398	37.929	31.912
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	40.008	49.727	53.373
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	248.481	130.813	137.158
	TOTAL EARNINGS	248.481	130.813	137.158
	IMPORTS
	Colour, Dyes and Chemicals	65.919	39.451	5.748
	Capital Goods	16.457	47.100	39.234
	TOTAL IMPORTS	82.376	86.551	44.982
	Earnings / (Loss) Per Share (Rs.)	39.00	48.00	0.00

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	511.421	142.991	164.816

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.30	1.81	2.57
Operating Profit Margin (PBIDT/Sales)	(%)	7.57	9.62	10.24
Return on Total Assets (PBT/Total Assets}	(%)	5.65	6.57	8.05
Return on Investment (ROI) (PBT/Networth)		0.17	0.27	0.30
Debt Equity Ratio (Total Debt /Networth)		1.36	2.47	2.46
Current Ratio (Current Asset/Current Liability)		0.75	0.97	1.07

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	100.000	103.333	103.333
Reserves & Surplus	170.355	226.748	266.757
Share Application money pending allotment	10.000	0.000	0.000
Net worth	280.355	330.081	370.090
long-term borrowings	355.161	326.638	204.545
Short term borrowings	333.125	487.312	297.754
Total borrowings	688.286	813.950	502.299
Debt/Equity ratio	2.455	2.466	1.357

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2079.127	2740.356	3070.544
		31.803	12.049

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2079.127	2740.356	3070.544
Profit	53.373	49.727	40.008
	2.57%	1.81%	1.30%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

NOTE: Registered office of the company has been shifted from Sector 9, Urban Estate, Ambala City – 134003, Haryana, India to the present address w.e.f. 02.12.2013

OPERATIONS:

The sales increased and profits declined during the year review. Management is hopeful that during the current year company will be doing well in its business and achieve more targets set by it.

The company produces Yarn which is a raw material for manufacturing of cloth, fabric & denim fabric.

The Yarn produced by the unit is used for manufacturing of Cotton Fabric & Denim Fabric. It has ready demand in India and in overseas market too, which is further likely to increase day by day.

The potential in India is very large owing to slow seizure of textile activity in various developed countries around the world and the ever increasing local demand due to ever increasing population of the country becoming richer day by day leading to change in living habits.

UNSECURED LOAN

Unsecured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from others	2.811	10.112
Loans and advances from related parties	0.000	42.419
Total	2.811	52.531

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10584366	11/06/2015	22,787,787.96	PICANOL N V	15, Steverlyncklaan, 15 BE - 8900, Ieper, - 8900,  BELGIUM	C60362084
2	10553682	19/02/2015	22,154,472.08	PICANOL NV	I, Karel Steverlyncklaan, 15 BE - 8900, Ieper, -8900, BELGIUM	C45907755
3	10553684	19/02/2015	23,608,354.24	PICANOL NV	I, Karel Steverlyncklaan, 15 BE - 8900, Ieper, -8900, BELGIUM	C45908761
4	10536111	05/11/2014	16,311,432.00	PICANOL N V	I, Karel Steverlyncklaan, 15 BE - 8900, Ieper, -8900, BELGIUM	C36683811
5	10493191	29/04/2014	46,464,495.20	PICANOL N V	I, Karel Steverlyncklaan, 15 BE - 8900, Ieper, -  8900, BELGIUM	C04300547
6	10489694	28/04/2014	2,216,000.00	SREI EQUIPMENT FINANCE LIMITED	SREI EQUIPMENT FINANCE LIMITED, KOLKATA, West Beng  al - 700046, INDIA	C02814911
7	10488149	08/04/2014	22,958,927.04	PICANOL N V	PICANOL N V, Ieper, - 8900, BELGIUM	C02368140
8	10484817	06/03/2014	23,778,805.20	PICANOL N V	I, Karel Steverlyncklaan, 15 BE - 8900, Ieper, -  8900, BELGIUM	C00487389
9	10210116	08/02/2010	37,500,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, MILLER GANJ, LUDHIANA, Punjab -  141001, INDIA	A82182445
10	10071602	01/09/2007	20,000,000.00	State Bank of India	Maur Mandi, District Bhatinda, Maur Mandi, Punjab  - 151509, INDIA	A25135765

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014	31.03.2013
Import Duty Concession availed under EPCG Scheme, against which Export Obligations is to be fulfilled	88.840	97.020
Counter indemnity issued to SBI for Bank Guarantee	28.508	31.996

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles
• Office equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.70
UK Pound	1	Rs.105.10
Euro	1	Rs.77.10

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KAR
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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